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but he ruled out higher tax rates. most democrats have ruled out all of those cuts, arguing they would undermine the nation's most successful programs. the president asked for, but it appears republicans would be unlikely to agree to give the president the ability to raise the debt limit unless a super- majority in congress disapproves after the fact. that option was developed by senator mcconnell himself. >> members hate that vote, as you know, because they are voting to increase the debt, but that's why they should have it, because it's a reminder of what this fiscal policy is doing and it holds congress accountable for doing it. >> reporter: so the first week or real bargaining on the fiscal cliff ended with a loud chorus of "no's." and there are only a few more weeks left to get to yes on some of the toughest policy issues dividing democrats and republicans. darren gersh, "n.b.r.," washington. >> tom: many companies aren't waiting on washington to reach an agreement on taxes and spending. they're taking action now
but he ruled out higher tax rates. most democrats have ruled out all of those cuts, arguing they would undermine the nation's most successful programs. the president asked for, but it appears republicans would be unlikely to agree to give the president the ability to raise the debt limit unless a super- majority in congress disapproves after the fact. that option was developed by senator mcconnell himself. >> members hate that vote, as you know, because they are voting to increase the...
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we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the expiration of the tax cuts for the high end. and the american people know that debate, they voted for him. >> warner: still, despite all the tough talk, reporter todd zwillich of wnyc and public radio international says there's more movement behind the scenes than meets the eye. >> there does tend to be a pattern to how big negotiations like this go. the fact that they haven't reached an agreement yet doesn't mean they won't before christmas, doesn't mean they won't before new years. there is a value in doing some public posturing and trying to ge
we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the...
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which means it pays no taxes, and its corporate members get a tax write-off. its legislators get a lot too. >> in wisconsin, i can't take anything of value from a lobbyist. i can't take a cup of coffee from a lobbyist. at alec, it's just the opposite. you know, you get there and you're being wined and dined by corporate interests. i can go down there and be wined and dined for days in order to hear about their special legislation. i mean, the head of shell oil flew in on his private jet to come to this conference. the head of one the largest utility companies in the country was there on a panel. utility company in 13 states, and here he is presenting to legislators. i mean, they clearly brought in some of the biggest corporate names in "special interestdom" and had them meeting with legislators because a lot of business transpires at these events. >> the most important business happens in what alec calls "task forces." there are currently eight of them, with a corporate take on every important issue in american life, from health and safety to the environment t
which means it pays no taxes, and its corporate members get a tax write-off. its legislators get a lot too. >> in wisconsin, i can't take anything of value from a lobbyist. i can't take a cup of coffee from a lobbyist. at alec, it's just the opposite. you know, you get there and you're being wined and dined by corporate interests. i can go down there and be wined and dined for days in order to hear about their special legislation. i mean, the head of shell oil flew in on his private jet...
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next, i'm going to talk about a deduction that america loves, you probably love, but might be taken away. [ male announcer ] this is bob, a regular guy with an irregular heartbeat. the usual, bob? not today. [ male announcer ] bob has afib: atrial fibrillation not caused by a heart valve problem, a condition that puts him at greater risk for a stroke. [ gps ] turn left. i don't think so. [ male announcer ] for years, bob took warfarin, and made a monthly trip to the clinic to get his blood tested. but not anymore. bob's doctor recommended a different option: once-a-day xarelto®. xarelto® is the first and onl
if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next,...
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adding tax hikes on ividends and capital gains. the white house wants 50 billion in new spending next year alone in a lng-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as republicans raising taxes. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. that is sort of like a lump of coal you get for christmas. >> congressional democrats operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned, made it very clear. made very clear that he was supporting tax cuts for the middle-class, that he wanted the expiration of the tax cuts for the high end. >> very little progress among the inside player so
adding tax hikes on ividends and capital gains. the white house wants 50 billion in new spending next year alone in a lng-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as...
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we have spent a lot of time working on energy taxes or the alternative of energy taxes. .. >> debt is higher now than since world war, and 90% of the debt was owned to the americans, and the reason that the pressures don't seem as real as they are, and here, i want to be clear that the pressures are not next year and the year after. the pressures are between now and 2020 or even later is that europe has been in such a bad shape. that is, when you tie your monetary souls together and ignore your fiscal side, and when they get out, there's huge risks, but i would urge people in washington would not underestimate the price paid by the debt ceiling debacle of last year. it was not that we downgraded our debt and then our interest rates didn't change. that's a misreading. what happened is that the financial markets are spooked by the uncertainty in washington and by the belief to win anything no matter how stupid, and let us be clear, not raising the debt ceiling on the table again is as stupid a policy as anyone can imagine. the whole debt ceiling doesn't make sense, and the idea you will
we have spent a lot of time working on energy taxes or the alternative of energy taxes. .. >> debt is higher now than since world war, and 90% of the debt was owned to the americans, and the reason that the pressures don't seem as real as they are, and here, i want to be clear that the pressures are not next year and the year after. the pressures are between now and 2020 or even later is that europe has been in such a bad shape. that is, when you tie your monetary souls together and...
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the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was under george bush or barack obama. so i think your case is good in the short term, not so good in the long term. i think the best way to restore confidence in wall street in the long term would be to show we're serious about the deficit. i don't think any deal they strike will be as serious about the deficit as this fiscal slope. >> i just think that era, you're right. the economy boomd especially in the mid 1990s and late 1990s. i don't think it did so well a couple years after bill clinton raised taxes. that's one of the reasons 1994 republicans had the biggest election they
the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was...
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that comes through smart tax policy, not dumb tax policy. melissa: but they always say, if you don't, the wealthy won't miss it. they will just pay a little bit more. it is fair their share. it wil help close the gap. how do you respond to that? >> all of that money is locked up into productive activity whether in a business or the stock market or somewhere else so the more that you tax that income, at means there's less investment, there's less for the business. there is less for hiring. it has to come from somewhere. it is not a costless exercise and ultimately that trickles down to workers through lower productivity and lower wages. that is bad forverydy. that means lower standards of living for everybody. melissa: bob, is there mon difference between money in the hands of the government and money in the hands of the private sector. >> certainly the private sector is better productively. melissa: how do you know that? >> how do i know that? you see that in economies where private sector activity do more productive over time than economies
that comes through smart tax policy, not dumb tax policy. melissa: but they always say, if you don't, the wealthy won't miss it. they will just pay a little bit more. it is fair their share. it wil help close the gap. how do you respond to that? >> all of that money is locked up into productive activity whether in a business or the stock market or somewhere else so the more that you tax that income, at means there's less investment, there's less for the business. there is less for hiring....
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second, state and local taxes paid. that's just a tax shift. instead of raising taxes on you by simply raising them on you, we raise them on you by making our state and local tax bill higher. it'll pound on high tax cities on states which means it'll hit the cities and states by making them less attractive places for people to live. there a political veilance here too. all ten of the highest tax states wept for president obama in 2012 and eight of the lowest tax states were for romney. that would be a particularly tough tax for blue states. them. charitable contributions. this is the most sensitive to tax incentives. you have to live somewhere, you need a home and it is hard it move it a new state because taxes went up. you don't need to give to charity. people give to charity because they want to and also, let's be real, because the government encourages through the tax code. it is reported in bloomberg in 2009 households with incomes of more than $200,000 claimed almost $60 billion in charitable deductions or 20% of total charitable giving in
second, state and local taxes paid. that's just a tax shift. instead of raising taxes on you by simply raising them on you, we raise them on you by making our state and local tax bill higher. it'll pound on high tax cities on states which means it'll hit the cities and states by making them less attractive places for people to live. there a political veilance here too. all ten of the highest tax states wept for president obama in 2012 and eight of the lowest tax states were for romney. that...
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democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional research service. who is it really helping in the most recent irs tax data show 41 million people claim this deduction on their 2010 taxes, but the tax policy center points out it tends to benefit upper middle class families the most. for those with annual incomes of less than $40,000 a year, the average tax savings is just 91 bucks. for the people earning $250,000 a year, the annual tax savings runs about $5,500, and critics say it's not really helping to boost homeownership. going to talk to one of them in a moment. the homeownership rate in the u.s. is now about 65%. it was up near 70% duri
democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional...
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that includes a 3.8% tax for obamacare. taxes go on and on. what are advisors telling their clients? the answer is maybe not so much. rick adelman joins me now. this is a letter you wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's right, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end of the year. we knew it was going to happen as of january 1, we would be able to say definitively let's capture capital gains and save ourselves money. order, it's definitely not necessary. for the moment, we are saying that we are preparing. we are examining every client accounts so that we are ready to make a move if needed. let's n pull the trigger to set. gerri: one of the things people are concerned about, dividends and dividend paying stocks. wifi on? by southern? what you make of that debate? that is obamace and that is the law and it is not expiring. >> t
that includes a 3.8% tax for obamacare. taxes go on and on. what are advisors telling their clients? the answer is maybe not so much. rick adelman joins me now. this is a letter you wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's right, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end of...
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>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and you think a normal human being with, you know, would be ashamed of that lack of intellectual honesty, should be. >> it's fascinating economic dri that costco is borrowing the money to pay this dividend. now, usually when companies pay dividends, it's out of earnings, right? >> yes, retained earnings, in this case, they're borrowing, taking on more debt, not to invest in the business in the future growth, but for a one-time equity pay out. >> and to worry about interest rates are low thanks to ben bernanke. >>, but this shows the tax rates combined with very low bore heing costs and instead of investing in growth, y
>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and...
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then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations,ut obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. neil: welcome back. >> most of you know me pretty well. what you see is what you get. while i may be affable and someone who can work with members of both parties, which i have demonrated over the 20 years i've been here, i have also determined to solve our spending problem. to also solve this debt criis. neil: speaker john boehner is not too confident that things are looking good. saying tt republicans are not the ones blocking a deal to avoid the disa
then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations,ut obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which...
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dividend taxes could be astronomical. neil: that was the single best explanation of this entire phenomenon that i have heard. >> you flatter me, sir be met really. >> you are very kind. neil: he talked about the avenue of successful investors who was inhibited by the tax rate. i am paraphrasing. but rardless of what the tax situation was, turning around your argument on dividends, but it could have a big impact on those who might invest in dividend paying stocks with a cd that you get, and maybe that won't happen at all. would he make of tha? >> i think he is talking about something else. he is saying that people will not add to employment. neil: i get it, it won't kill thold world investment. >> that will knock it down. 30% of the long-term gain. roughly the right amount in stocks. if you're going to cut that i have, then very roughly, 15% of the value of the stock market, just like that. this is not something that affects only wealthy people. it affects anyone who is saving stock market for his or her retirement. that i
dividend taxes could be astronomical. neil: that was the single best explanation of this entire phenomenon that i have heard. >> you flatter me, sir be met really. >> you are very kind. neil: he talked about the avenue of successful investors who was inhibited by the tax rate. i am paraphrasing. but rardless of what the tax situation was, turning around your argument on dividends, but it could have a big impact on those who might invest in dividend paying stocks with a cd that you...
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we hear eric cantor saying no new taxes and we know that the dems want to have taxes on the wealthy and also know that the republicans would like to see some spending cuts as well. >> it's not about grover norquist and the pledge. the bottom line is this: even boehner said they're willing to have some revenue, some tax increases if we cut spending. and kelly, by having of billions more dollars in surplus package money that president obama wants, also, increasing taxes by 1.6 trillion dollars, that's not a deal that the american people can live with. it's not about grover norquist and not raising taxes, it's about going to the table and cutting a real deal. >> dick? >> i guess what i say is, what do the republicans want to cut? i mean, have they backed off the paul ryan plan to cut medicare have they backed off the plan for social security, and what is the plan? i think the president and the democrats and the country are waiting to hear. he made an offer. i'm a lawyer and deal with this and the other side why and we move to the middle. where is the republican plan. >> kelly: hold on a mi
we hear eric cantor saying no new taxes and we know that the dems want to have taxes on the wealthy and also know that the republicans would like to see some spending cuts as well. >> it's not about grover norquist and the pledge. the bottom line is this: even boehner said they're willing to have some revenue, some tax increases if we cut spending. and kelly, by having of billions more dollars in surplus package money that president obama wants, also, increasing taxes by 1.6 trillion...
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tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about either one of those? >> dana: not necessarily. i do think i see in "washington post," headline, obama offers plan for cliff. plan to be in quotes. the thing that amazes me and the media lets it happen. for eight years or longer now. i had to defend how many times people said on the left, including president obama when he was running for president the first time, the bush tax cuts only help the ri
tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and...
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everybody here will see their taxes go up on january 1st. i am assuming that doesn't sound too good to you. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> president obama warning workers what would happen if congress does nothing to avert the impending fiscal cliff. the president was at the factory of kinex toys. let's get some insight on that visit from someone who was there. michael is the president and ceo of kinex. >> good morning. >> president obama said a fam of four's taxes could go up. what impact does that have? >> it's fantastic to have the president our endorser in chief. when you remove that discretionary income and toys are a discretionary purchase as are other things. you are having some potential impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at th
everybody here will see their taxes go up on january 1st. i am assuming that doesn't sound too good to you. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> president obama warning workers what would happen if congress does nothing to avert the impending fiscal cliff. the president was at the factory of kinex toys. let's get some insight on that visit from someone who was there. michael is the president and ceo of kinex. >> good morning....
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then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and eenses. read and consider it carefully before investing. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stoma acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. neil: welcome back. >> most of y
then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which...
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tax. it is spurring growth and putting people to work there. wayne would it work here? >> it is a sad day to think that we have to do something the communist china is doing . it worked very well and they have expand today to other provinces in china and it is working very, very well. yes. >> national sales tax does that work here, johnathon? >> it would. it is it fair and treats everyonely and easy to understand and more importantly taxes consumption and not production. the only thing i like about communist china is the chicken but the corporate next tax must go and think of how much more wealth and jobs we would have if it add more to the profits every year. >> julian, what do you make of >> the reason a national sales tax is good it is harder to cheat on and the reason it is it bad. economy growing at 2.4 percent. it would not stimulate the commempt i like the bus tax cutos the top two percent than the valuattedad tax. all of the economic data said if you let them expire you will have no
tax. it is spurring growth and putting people to work there. wayne would it work here? >> it is a sad day to think that we have to do something the communist china is doing . it worked very well and they have expand today to other provinces in china and it is working very, very well. yes. >> national sales tax does that work here, johnathon? >> it would. it is it fair and treats everyonely and easy to understand and more importantly taxes consumption and not production. the...
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top tax rates? and i'm also wondering what our final deadline is on this? when do we really have to have a deal? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly, sooner is better than later. >> you've been doing this for a long time. the past 24 hours, is this the necessary public posturing that needs to go on or is there a serious stalemate right now? >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you've watched me in the last three weeks, i've been very guarded because i don't want to make it harder for me or the
top tax rates? and i'm also wondering what our final deadline is on this? when do we really have to have a deal? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple....
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the taxes will go up for the top 2%. obama's job number one, a tax cut for the 98%. the rest of the people. let's listen to him. >> it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. all right? that doesn't make sense. the senate has already passed a bill to keep income taxes from going up on middle class families. that's already passed the senate. your members of congress, like allyson and chaka, other democrats in the house, they're ready to go, they're ready to vote on that same thing. if we can just get a few house republicans on board, we can pass the bill in the house, it will land on my desk, and i am ready, i have got a bunch of pens ready to sign this bill. >> 30 minutes after the president was finished, house speaker john boehner held a press conference, and he left unanswered the president's call for decoupling that 98% from the richest 2%, and he gave a pessimistic assessment of the si
the taxes will go up for the top 2%. obama's job number one, a tax cut for the 98%. the rest of the people. let's listen to him. >> it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. all right? that doesn't make sense. the senate has already passed a bill to keep income taxes from going up on middle class families....
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we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and san bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the problem is that los angeles is not the place. and it is a ballot initiative. you have front runners that become mayor . they will not support it it was a nonstarter and never going to work in the stave . you have a better chance of succeeding. >> at least it was a plan . it is no law that said you cannot change 401 k's. that is future and new hires and for their plans. you don't have ill defined benefits and by the way the private sector doesn't get. there is a pension liability in the state of the california. vicki is right. government services are starting to get cut in cities in california . so i tell you, it doesn't cut it when you have things like let's raise the retirement age to age 52. >> the fact is
we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and san bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the problem is that los angeles is not the place. and it is a ballot initiative. you have front runners that become mayor . they...
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in exchange, he says republicans could agree to more tax revenue, but not through higher tax rates. will both sides be able to work this thing out? let's bring in our panel, donna is an advisor to pennsylvania senator bob kerry and a former staffer for pennsylvania governor ed rendell. ron is a former communications director to the house speaker, dennis hastert. good to see you both. >> good to sigh. >> gregg: donna, let's start with what the president was offering a. even democrats are criticizing him for demanding 150 billion in more spending. not less, including a $50 billion stimulus this next year. at a time when the focus perhaps should be on spending cuts, are those democrats right? >> well, i'm hearing many more democrats resonating with the message that the president is delivering and that message is that he ran on and got elected on the basis of more taxes for the most wealthy americans. i think that there is a real danger for republicans in not really hearing that message. i've been impressed by the number of republicans that have made positive indications that more reven
in exchange, he says republicans could agree to more tax revenue, but not through higher tax rates. will both sides be able to work this thing out? let's bring in our panel, donna is an advisor to pennsylvania senator bob kerry and a former staffer for pennsylvania governor ed rendell. ron is a former communications director to the house speaker, dennis hastert. good to see you both. >> good to sigh. >> gregg: donna, let's start with what the president was offering a. even democrats...
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and gift tax. they want to lock in the exemption this year, before it goes away. >> possibly, the worst thing for the housing market is if there's no compromise and we end up going off that fiscal cliff, and then there's a sharp cut in government spending. that could push the economy into a recession, raising the unemployment rate and that could push home values back down, wolf. >> a serious problem for a lot of people. let's hope we don't go over that fiscal cliff. >> fingers crossed they will reach a compromise. i don't think there's anyone out there that wants to see us go over that fiscal cliff. >> that would be bad. but the clock is ticking. only a few weeks left. >>> the biggest problem between the united states and mexico and how to solve it. i'll speak with mexico's new president. my exclusive interview is just ahead. this line is a convenienc. how you doing today? i'm good thanks. how are you? i'm good. [ gordon ] but for others, it's all they can afford. every day nearly nine million olde
and gift tax. they want to lock in the exemption this year, before it goes away. >> possibly, the worst thing for the housing market is if there's no compromise and we end up going off that fiscal cliff, and then there's a sharp cut in government spending. that could push the economy into a recession, raising the unemployment rate and that could push home values back down, wolf. >> a serious problem for a lot of people. let's hope we don't go over that fiscal cliff. >> fingers...
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everybody here, you'll see your taxes go up on january 1. and it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle-class tax cuts hostage simply because they don't want tax rates on upper-income folks to go up. gwen: house speaker john boehner's response, no way. they are, he said, at stalemate. >> the white house spends three weeks trying to develop a proposal, and they send one up here that calls for $1.6 trillion in new taxes, calls for a little -- not even $400 billion in cuts, and they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it was not a serious proposal. and so right now we're almost nowhere. gwen: both ends say americans voted for growth and responsibility during the last election, but each apparently is read looking the same message differently. what a surprise. so how much of the policy is about standoff and how much is about politics? >> it's a little bit of each. but i would have to say right
everybody here, you'll see your taxes go up on january 1. and it's not acceptable to me and i don't think it's acceptable to you for just a handful of republicans in congress to hold middle-class tax cuts hostage simply because they don't want tax rates on upper-income folks to go up. gwen: house speaker john boehner's response, no way. they are, he said, at stalemate. >> the white house spends three weeks trying to develop a proposal, and they send one up here that calls for $1.6...
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one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go off the cliff. >> they obviously expect republicans will cave on everything. i think republicans ought to simply walk away. >> limbaugh said the same thing as well. is this political suicide for republicans? who would really pay the political price before the state of the union and on into the spring if they don't have a deal? >> republicans. i think matt lewis and his column got it right. they would pay the price. what they are essentially saying because we want to protect -- listen, it's a more complex argument. what it will be
one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go...
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i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just go ahead and take it off the table, you know, let's take that leverage away from the president there, but the reality is as a republican who my very core principles are lower taxes, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financia
i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just...
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. >> sean: same with value added tax after eliminating the fair tax is good, each one is progressive, the more you make, the more you spend. >> people get a flat tax. fair share, think flat tack. i'm starting to see forbes about it and listen this is what we ought to be doing. >> sean: where is the president? why the constant campaign? after every election there's a period when things can get den, good things. i was saying this to bob woodward, one in six in poverty, 50 million on food stamps this is not a time to play games this is a time to get this country out of the fiscal mess it is in, live within our means that means really doing big things, touching entitlements saving them from bankruptcy. campaigning in pennsylvania using class warfare. >> it is more egregious when you know we've had four deaths in libya. what happened how can we avoid that mistake in the future? when you go around the country and texas and people are hurting and struggling and it is breaking their heart to make ends meet and you know we have more energy than anybody in the world and not using it. >> sean: i
. >> sean: same with value added tax after eliminating the fair tax is good, each one is progressive, the more you make, the more you spend. >> people get a flat tax. fair share, think flat tack. i'm starting to see forbes about it and listen this is what we ought to be doing. >> sean: where is the president? why the constant campaign? after every election there's a period when things can get den, good things. i was saying this to bob woodward, one in six in poverty, 50...
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that would be tax-free income. that would be a way of tax avoidance. there are some legitimate worries about debt forgiveness. i think there is a logic to doing it forever. as long as you are sure it is a city with a decline in property value and losing the home, it is not really tax evasion. why did they do it for five years? we have a political department that might be better at answering that. host: what was the housing market like in the 2007? make a comparison of what was going on in 2007 and what is happening now. guest: it was beginning to tank. values peaked around 2006 and in some places 2007. it is the year we began to see the foreclosures and the problems with a sub prime mortgages. the context was, we were not in a recession yet. it was not like 2007 -- 2008 when everyone had a problem. in 2007 it was clear there were going to be a lot of defaults and this was potentially a problem. this tool can be an efficient way of handling what would otherwise be expensive foreclosures. host: we want to make sure the viewers understand what we are talk
that would be tax-free income. that would be a way of tax avoidance. there are some legitimate worries about debt forgiveness. i think there is a logic to doing it forever. as long as you are sure it is a city with a decline in property value and losing the home, it is not really tax evasion. why did they do it for five years? we have a political department that might be better at answering that. host: what was the housing market like in the 2007? make a comparison of what was going on in 2007...
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that is their tax bill after they hit the lottery jackpot. mark and cindy hill claimed their share of the record $588 million power ball jackpot. that's their six-year-old daughter jayden whom they adopted from china and her big brothers. cindy, who lost her job two years ago, was the first to know that they'd won. >> i didn't find out until the next day after i'd taken my daughter to school and i went by to see what the numbers were and i got back in my car and i didn't have my glasses and i was thinking "is that the right numbers, is that the right numbers?" and i was shaking and i called my husband and i said "i think i'm having a heart attack." >> pelley: the hills take home $135 million after taxes. mark hill, a mechanic, is quitting his job. >> i talked to my boss over the phone. he didn't belief me. later he called back and said "really?" i said "yup, really." >> pelley: there was one other winning ticket purchased outside phoenix but we don't know who the owner is yet. the fledgling egyptian democracy just got its first draft constitu
that is their tax bill after they hit the lottery jackpot. mark and cindy hill claimed their share of the record $588 million power ball jackpot. that's their six-year-old daughter jayden whom they adopted from china and her big brothers. cindy, who lost her job two years ago, was the first to know that they'd won. >> i didn't find out until the next day after i'd taken my daughter to school and i went by to see what the numbers were and i got back in my car and i didn't have my glasses...
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by increasing taxes on things like investment income, the estate tax. you know, there's other ways to get that money. i think the important thing to keep in mind is, you know, that raising taxes on the top 2%, part of it is political. it's something that the president campaigned on. it's something that he definitely wants. and it's something that republicans are very opposed to at this point. >> ultimately how much will any of these plans really cut into the national debt, which stands at what, over $16 trillion now? >> right. well part of the issue with these plans is just that some of them -- they don't necessarily address some of the long-term issues. and so over the long-term, over the next 10 for 20 years most likely taxes will have to go up for a lot of people, not just the top 2%. some of the middle-class people will have to give up some of their tax breaks and the thing is, as well, is that there will have to be some spending cuts in health care. we have a huge demographic problem in the country with baby boomers starting to retire and taking ad
by increasing taxes on things like investment income, the estate tax. you know, there's other ways to get that money. i think the important thing to keep in mind is, you know, that raising taxes on the top 2%, part of it is political. it's something that the president campaigned on. it's something that he definitely wants. and it's something that republicans are very opposed to at this point. >> ultimately how much will any of these plans really cut into the national debt, which stands at...
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remember we're talking about 2013 taxes, not 2012 taxes. but if americans are taking out loans based on what their tax return is going to be in april maybe we should be talking about financial literacy and not about how budgeting works. >> we can but i'm just trying to tell you realistically that's how people are living their lives in the united states of america in the 21st century. so we need to be real about how people are living their lives. >> you know what, one thing i do want to talk about, i'll begin with you tony on this. i'm sure you saw that photo making the rounds this week of house committee chairmen? what is that all about. they're all white males. speaker boehner now said he was indeed appointing a female chair congresswoman, candice miller. this committee is in charge of things like the house cafeteria, expense accounts, benefits packages. sounds like a token appointment to a somewhat low-level position. >> look. speaking as a white male republican, wasn't really happy to see that. i want to see more women and more represent
remember we're talking about 2013 taxes, not 2012 taxes. but if americans are taking out loans based on what their tax return is going to be in april maybe we should be talking about financial literacy and not about how budgeting works. >> we can but i'm just trying to tell you realistically that's how people are living their lives in the united states of america in the 21st century. so we need to be real about how people are living their lives. >> you know what, one thing i do want...
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the president has been out there taxing dividend income. that's something that failed when the senate tried to do it and obviously trade bait and he didn't campaign on it and he doesn't feel strong about it. >> the escape is something a lot of folks are concerned about. >> he put it out there and it could be adjusted. once you get a range, you could strike it right down the middle. there's plenty to do there. it's the politics that are holding him back. if you put boehner and the president on a golf course and let them make a deal that is binding, i think they could do it in an afternoon. >> beth, "the new york times" reporting that the president would like to set an august 1st deadline. the plan would call for $600 billion in new revenue from revisions in the tax code. that's on top of nearly a fri trillion dollars raised on the bush tax cuts for the rich. is there support for both of these? >> both parties suggest it is a mess and too many exemptions and loopholes and that's just not, it's too complicated. it needs to be simpler and littl
the president has been out there taxing dividend income. that's something that failed when the senate tried to do it and obviously trade bait and he didn't campaign on it and he doesn't feel strong about it. >> the escape is something a lot of folks are concerned about. >> he put it out there and it could be adjusted. once you get a range, you could strike it right down the middle. there's plenty to do there. it's the politics that are holding him back. if you put boehner and the...
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instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a crazy idea. i'm amazed that secretary geithner had the courage to float that yesterday. hence the laughter from senator mcconnell. that's the kind of response it deserves. >> they are laughing in public, but they are panicking behind closed doors. conservative writer matt lewis, writer for "the daily caller", the notion that republicans have leverage is silly. it's the same kind of happy thinking that led to some boldly-predicting a romney victory. he said republicans are so screwed. this is why president obama is playing to his strengths. the president has never had a problem rallying the american people to h
instead of raising tax rates, we can produce a similar amount of revenue reforming the tax code to close loopholes and lower tax rates. >> no, no, no. republicans are not getting the mitt romney tax proposal. time to move on speaker boehner. republicans are furious about the white house proposal. mitch mcconnell told the weekly standard he burst into laughter when he received the deal. the new second ranking republican in the senate john cornyn also disparaged the deal. >> that's a...
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democrats want high tax rates for the wealthy. the president stressed the urgency of the situation in the radio address. >> if congress does nothing. every family will see the income taxes go up in the beginning of next year. a family of four will see income taxes rise $2200. we can't let that happen. our families can't afford it and neither can our economy. >> but republicans say the president should quit his campaign mode and come home and take care of business. the latest round of political maneuvering involves pressure from democrats to schedule a vote on the senate plan to extend middle class cuts. but republicans say let's see spending cuts first. >> we need to hear they are willing to make spending cuts now. not promises in the future . the tidal waves comingalt us is social security and medicare and of course, the new health care law of the presidents which is unaffordable and unworkable. >> nancy peel peel calling on speaker boehner to bring it to the floor or she will launch a move to force a vote. boehner is not likely
democrats want high tax rates for the wealthy. the president stressed the urgency of the situation in the radio address. >> if congress does nothing. every family will see the income taxes go up in the beginning of next year. a family of four will see income taxes rise $2200. we can't let that happen. our families can't afford it and neither can our economy. >> but republicans say the president should quit his campaign mode and come home and take care of business. the latest round...
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loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward that fiscal cliff. the president hit the road appearing at a pennsylvania toy factory yesterday and appealing for a balanced approach, including spending cuts and new revenues. the president says we could cut taxes for the middle class right now if congress agreed to extend the bush era tax cuts for everybody except those earning more than 250,000 a year. he stressed the urgency of the situation. >> if congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. a family of four will see the
loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward...
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we can live with a little tax increase. we're loaded up here. just move on and don't screw up the economy because we'll lose a lot more money if this market crashes to a second great recession. >> chris, i think to some extent the market has priced in the notion we would go over the fiscal cliff -- >> you're wrong. no. everybody -- who you talking to? i keep talking to people and they -- who you talking to? >> i actually spoke with a source the other day who is in washington, he's an attorney, who said, listen -- >> a lawyer? >> a lawyer but speaks to a lot of folks that are wall street type who says the market could take it for a couple of weeks. >> the cake is baked and they think the intelligence of politicians is up to this challenge. >> but wall street doesn't really have a lot of faith in this process to be able to get done. they have priced in just a little bit that this could happen for a while. maybe not for months, but you wouldn't see the market necessarily crash like the next day. you'd have time. i think if they came back on january
we can live with a little tax increase. we're loaded up here. just move on and don't screw up the economy because we'll lose a lot more money if this market crashes to a second great recession. >> chris, i think to some extent the market has priced in the notion we would go over the fiscal cliff -- >> you're wrong. no. everybody -- who you talking to? i keep talking to people and they -- who you talking to? >> i actually spoke with a source the other day who is in washington,...